Cox v. Commissioner
United States Board of Tax Appeals
1. The basis for determination of gain or loss upon stocks acquired as part of residuary estate is fair market value of such stocks when distributed to legatee (sec. 113(a)(5), Revenue Act of 1928). 2. Distribution is not effected by acquisition of substantial or beneficial ownership in property of residuary estate but requires some act evidencing separation of the property from the estate; in this case, transfer of stocks from accounts of the estate to those of beneficiary.…
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1. The basis for determination of gain or loss upon stocks acquired as part of residuary estate is fair market value of such stocks when distributed to legatee (sec. 113(a)(5), Revenue Act of 1928). 2. Distribution is not effected by acquisition of substantial or beneficial ownership in property of residuary estate but requires some act evidencing separation of the property from the estate; in this case, transfer of stocks from accounts of the estate to those of beneficiary. 3. Losses claimed upon sales of stock acquired as part of residuary estate disallowed. 4. Portion of income received by…
1Opinion of the Court
OPINION.
Goodrich:
Petitioners, who are husband and wife and filed a joint return, assail respondent’s determination of a deficiency in income tax of $16,614.70, for the year 1930. Since the items here in dispute apparently relate only to the income of Carrie G. Cox, hereinafter we will speak of her as the petitioner, without further reference to Attilla Cox.
The controversy concerns two problems: First, what is the proper basis for computation of gain or loss upon sales of stocks made by petitioner in 1930? and, second, should there be included in petitioner’s income for 1930, the income…
2Cases cited6 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- United States v. WoodwardSupreme Court of the United States · 1921
- Harbison v. CommissionerUnited States Board of Tax Appeals · 1932
- Harding v. HardingCourt of Appeals of Kentucky · 1913
- Matthiessen v. CommissionerUnited States Board of Tax Appeals · 1925
1 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Commissioner v. Crawford's EstateCourt of Appeals for the Third Circuit · 1943
- Cox v. CommissionerUnited States Board of Tax Appeals · 1934